It’s no secret that Florida was one of the states that was hit the hardest by the “burst” of the housing bubble several years ago. Like the rest of the country, it has been a long slog to recover value for homeowners throughout the state. And, for many, paying the monthly mortgage payment is still a serious concern. Foreclosures remain an issue in Florida.
Statistics show that counties in Central Florida are seeing the most foreclosure filings as of the beginning of the year. Broward County, however, is in the top five. In the last year Florida has had a foreclosure rate that is over twice as high as the national average.
What is a South Florida homeowner to do when financial issues become so dire that staying current on the mortgage starts to look less likely than ever before? Delinquent payments are one thing, but if payments are missed altogether banks and other mortgage lenders will start to consider a foreclosure action as a way to address the problem. How does the homeowner address the issue?
Well, it usually starts with getting all the most accurate information about the options in your unique financial situation. For some people, resources can be shifted around and the monthly mortgage payment can take on a higher priority. For others, it may be possible to reach out to the mortgage lender to negotiate a modification.
Whatever the ultimate decision is, action needs to be taken in most cases – a foreclosure is not something any Florida resident wants to go through. In these matters, it is important to understand your legal options and methods to deal with financial issues such as foreclosure.
Source: www.realtytrac.com, “Foreclosure Rates for Florida,” Accessed March 7, 2015